BR-2.3.29

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Past version: Effective from 19 Jul 2025 to 30 Jun 2007
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An insurance licensee must seek prior approval from the BMA for the following:

(a) outsourcing of the internal audit function (ref. HC-3.3.2) and other material functions (RM-7.1.2);

(b) appointment or re-appointment of external auditors (ref. AU-2.7.1 and AA-1.1.1);

(c) appointment or re-appointment of Reporting Actuary (ref. AU-2.7.2 and AA-4.1.1);

(d) appointment of persons undertaking a controlled function in an insurance licensee (ref.AU-1.2.1);

(e) appointment or cancellation of appointment of an insurance manager in accordance with AU-2.2.4; and

(f) any material changes or proposed changes to the information provided to the BMA in support of an authorisation application that occurs after authorisation has been granted. Insurance licensees must, in particular, seek prior BMA approval before undertaking activities in new classes of insurance. (ref. AU-5.4.1).